US Non-Farm Payrolls | Free Forex Signals Daily

US non-farm payrolls rose 160k in April with the unemployment rate holding steady at 5.0%. The 215k increase in March jobs was revised down to 208k, with February’s 245k now at 233k, for a net 19k downward adjustment. Average hourly earnings were up 0.3% compared to the prior 0.2% gain (revised from 0.3%) with February now unchanged versus the -0.1% previously.

The workweek ticked up to 34.5 from 34.4. Household employment dropped 316k, with the labor force off 362k. The labor force participation rate slipped to 62.8% versus 63.0%. As for other details, private payrolls increased 171k, with modest gains of 1k in construction and 4k in manufacturing, with the goods sector dropping 3k. Jobs in the service sector increased 174k, paced by business services (65k) and education (54k). Government employment declined 9k. The report is on the disappointing side of expectations, but it doesn’t shut the door on a June Fed rate hike.

I wrote earlier that “I will be looking for sell signals between 1.1453 and 1.1474 with T1 at 1.1409 – 1.1425 bracket and T2 at 1.1360 – 1.1377 range.” Market moved slightly above my sell area and then reversed providing an opportunity to sell EURUSD. By the time of writing market has moved to my Target 1.

Janne Muta

Chief Market Analyst

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US Non-Farm Payrolls increased 215k

EURUSD, 60 min

US nonfarm payrolls increased 215k in March after a revised 245k in February gain (was 242k) and a 168k rise in January (revised from 172k), for a net -1k revision. The Q1 average gain was 209k versus the 223k average for the 2015. The unemployment rate edged up to 5.0%versus 4.9% as household employment increased 246k versus the 530k February jump, with the labor market up another 396k following the prior 555k surge.

The labor force participation rate rose to 63.0% versus 62.9%. Earnings bounced 0.3% versus the 0.1% dip previously. The work week was unchanged at 34.4. Private payrolls rose 195k, though jobs in the goods producing sector fell 4k, with manufacturing down 29k, while construction up 37k. The service sector added 199k jobs, helped by a 51k rise in trade/transport. Government added 20k. This is a pretty solid jobs report.

EURUSD is trading near the upper end of the trading range and close to October 2015 highs. At the time of writing the pair has not yet reacted strongly. The nearest support level is at 1.1377 while the nearest resistance is at 1.1495. The 4h chart is about to create a bearish shooting star candle if it closes below 1.1413. The indication is EURUSD bearish and suggests that the pair is getting ready to correct to lower levels.